THE CANADIAN crop forecaster StatsCan has lifted its estimate for the 2017 Canadian crop, particularly in terms of canola, which is now close to record levels.
Wheat and barley figures were also revised upwards in the figures.
The major reason for the change to StatsCan estimates was that growing season dryness in the Prairies, the key growing region, had not been as damaging to crops as first thought.
Wheat production is down 5.5 per cent to 29.98 million tonnes, but this is above the 28m tonnes expected by investors.
For canola, the estimate came in at 21.31m tonnes, a rise of 1.71m tonnes year on year.
The crop just failed to seize the mantle as the world’s largest canola / rapeseed crop, below the EU, which produced 21.9m tonnes.
Physical and futures prices in Canada have copped a battering since the StatsCan announcement and this softness has spread through to international markets as well.
As of Thursday, US winter wheat futures were only a touch over contract lows.